I agree with what Molakule said - FM means different things in different lubes designed for different purposes. We have addressed engine oils.
What is a good tranny oil? Well, it needs to be lubricious, the right vis for shiftability in cold climates, and also must provide proper shift "feel". This is almost entirely the result of how the synchros engage the gears - if the lube is too lubricious, the syncs will not "bite" and match their speed, causing clunk action or even a grind. Plus, especially with carbob syncs as are starting to appear, glazing can occur on the synchronizers. If they grab too much, the same result can occur.
So the oils recommended have to have ideal properties. Honda used to recommend engine oil, now they have a product called MTF (manual transmission fluid), which is a 10w30 with higher amounts of ZDDP, and higher l;evels fo calcium. I believe the calcium is used more as a friction-modifier here than as a detergent orpH buffer as it would be used in an engine, since it does not have to deal with the acid byproducts of combustion.
GM makes a MTF as well, called GM Syncromesh. They also make a GM S "FM, for friction modified. This was designed for a specific transmission, the NV1500 light truck tranny. My understanding is that GMS was developed because GM had started to source trannies from a number of world suppliers, including Getrag and ZF, and the ones that use yellow metals as synchronizers were suffering high warranty claims when GL-5 lubes, esp those using active sulphurs, or high levels of inactive sulphurs, were damaging the syncs. So GM spec'd its own lube, and Pennnzoil and Texaco (to name 2) make lubes specific for the GM spec.
And, Red Line orf course has MTL and MT-90, which are GL-4. And guess what? - they have almost exactly the same Calcium level as Honda's MTF, with ZDDP in similar amounts. So I would expect them to have excellent shift feel in Honda trannies, and one real advantage: they will not shear down. Honda MTF look pretty played out at about 20K miles, or worse in the extra hi-revving S2000.